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Popular Word Problems >

Micah deposited 2000 into an account that pays 6% compounded continually. how much will he have after 2 years?

Solution

M i c ah d e p os i t e d 2000 in t o an a cco u n t t ha t p a ys 6% co m p o u n d e d co n t in u a ll y . h o w m u c h w i ll h e ha v e a f t er 2 ye a rs ?

Solution

Amount : 2247.2

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.06}{1})^{1 \cdot 2}

2000 (1 + \frac{0.06}{1})^{1 \cdot 2} = 2247.2

Amount : 2247.2

Popular Examples

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